Hyperliquid is transforming Circle’s reserve yield into a direct source of HYPE buyback demand. This transformation will change the way the protocol’s revenue returns to its token holders.

In essence, this agreement directs all of the AQA yield generated by an existing $6.07 billion treasury to be returned directly to Hyperliquid.

Using a 3% interest assumption, this results in approximately $498,580 in daily purchase power. Assuming each Hype token costs $88, at the above rate the flows can burn approximately 5,684 tokens per day or increase the burn by 25% relative to its current average.

Furthermore, because the mechanism has been designed to scale directly with the size of Circle’s reserves, it allows the…